Reliance Industries acquires 100% stake in REC Group, plans new manufacturing bases
Reliance New Energy Solar (RNES), an arm of Indian multinational company Reliance Industries Ltd, has signed a binding agreement to acquire 100% shareholding of PV module manufacturer REC Group. According to a press release, REC Group was acquired from its previous owner China National Bluestar Group for a value of US$771 million.
Having earlier this year announced plans to invest close to $10 billion in establishing a “fully integrated, end-to-end renewable energy ecosystem”, RNES is moving forward with plans up and down the solar supply chain, having also this week announced the acquisition of a 40% stake in engineering, procurement and construction supplier Sterling and Wilson.
Expansion plans
RNES plans to integrate REC’s production technology in its plans for a vertically integrated, silicon-to-module manufacturing site in Jamnagar, India. REC Group additionally stated that its new owner’s financial strength will help it to realize plans to expand its current base of around 2 GW PV cell and module production capacity located in Singapore to 5 GW over the next two to three years, a new 2 GW cells and module facility in France, and another 1 GW module facility in the U.S.
Currently, REC has three manufacturing facilities – two in Norway for making solar-grade polysilicon and one in Singapore for producing PV cells and modules, and a global workforce of over 1,300 employees.
“In India, Reliance plans to use this industry leading technology in their fully integrated, metallic Silicon to PV Panel manufacturing giga factory at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar initially starting with 4 GW per annum capacity and eventually growing to 10 GW per annum,” read the press release.
“Reliance’s deep expertise of scale, project execution and operational excellence coupled with REC’s technology will facilitate the establishment of state-of-the-art next-generation fully integrated PV manufacturing facility at Dhirubhai Ambani Green Energy Giga Complex and subsequently replicate such complexes around the world,” it continued.
Reliance Industries is led by Mukesh Ambani, currently ranked by Bloomberg as the 11th richest person in the world. The group reported net profits of $7.4 billion for the year ending March 31 2021, primarily from activities in the fossil fuel segment. In June, Ambani announced plans to invest up to $10 billion in a new venture across the renewable energy industry, including plans to span the entire solar supply chain, as well as make investments in energy storage and hydrogen.
* This article was amended on October 11, 2021 at 2.27 pm to include details of Reliance’s manufacturing expansion plans.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: [email protected].
Please login to comment
[…] was acquired by Indian giant Reliance Industries[2] last year, with the intention of growing the Norwegian company’s manufacturing capacity to 5 […]
[…] Supply hyperlink […]
[…] Supply hyperlink […]
[…] Supply hyperlink […]
[…] Maxwell Technology has secured an order for eight heterojunction production lines with a total capacity of 4.8 GW from Indian conglomerate Reliance Industries Ltd., the parent company of Norway-based solar panel manufacturer REC. […]
[…] Maxwell Technology has secured an order for eight heterojunction production lines with a total capacity of 4.8 GW from Indian conglomerate Reliance Industries Ltd., the parent company of Norway-based solar panel manufacturer REC. […]
[…] That’s already starting to playing out. Last month, a state-owned coal miner that accounts for more than 80% of the country’s coal production put out a tender for partners for a proposed 4 GW solar manufacturing facility in India. Meanwhile, India’s biggest company, Reliance Industries, has announced several clean energy deals in recent days, including the acquisition of a large European solar manufacturing company. […]
[…] यह पहले से ही खेलना शुरू कर रहा है। पिछले महीने, एक राज्य के स्वामित्व वाली कोयला खनिक, जो देश के कोयला उत्पादन के 80% से अधिक के लिए जिम्मेदार है, ने भारत में प्रस्तावित 4 GW सौर निर्माण सुविधा के लिए भागीदारों के लिए एक निविदा रखी। इस बीच, भारत की सबसे बड़ी कंपनी, रिलायंस इंडस्ट्रीज ने हाल के दिनों में कई स्वच्छ ऊर्जा सौदों की घोषणा की है, जिसमें एक बड़े यूरोपीय का अधिग्रहण भी शामिल है। सौर निर्माण कंपनी. […]
[…] That’s already starting to playing out. Last month, a state-owned coal miner that accounts for more than 80% of the country’s coal production put out a tender for partners for a proposed 4 GW solar manufacturing facility in India. Meanwhile, India’s biggest company, Reliance Industries, has announced several clean energy deals in recent days, including the acquisition of a large European solar manufacturing company. […]
[…] That’s already starting to playing out. Last month, a state-owned coal miner that accounts for more than 80% of the country’s coal production put out a tender for partners for a proposed 4 GW solar manufacturing facility in India. Meanwhile, India’s biggest company, Reliance Industries, has announced several clean energy deals in recent days, including the acquisition of a large European solar manufacturing company. […]
[…] That’s already starting to playing out. Last month, a state-owned coal miner that accounts for more than 80% of the country’s coal production put out a tender for partners for a proposed 4 GW solar manufacturing facility in India. Meanwhile, India’s biggest company, Reliance Industries, has announced several clean energy deals in recent days, including the acquisition of a large European solar manufacturing company. […]
[…] That’s already starting to playing out. Last month, a state-owned coal miner that accounts for more than 80% of the country’s coal production put out a tender for partners for a proposed 4 GW solar manufacturing facility in India. Meanwhile, India’s biggest company, Reliance Industries, has announced several clean energy deals in recent days, including the acquisition of a large European solar manufacturing company. […]
[…] From pv magazine Global […]
[…] From pv magazine Global […]
[…] RNESL recently acquired a stake in Germany-based silicon wafer manufacturer NexWafe GmbH as a strategic lead investor. In October 2021, it also acquired a 100% stake in Norway-based heterojunction module manufacturer REC Group. […]